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From the New York Times:

…First Financial Network, a loan sale advisory firm in Oklahoma City, has a contract to sell loans from failed banks for the Federal Deposit Insurance Corporation. Additional firms are being enlisted in the agency’s loan sale effort, David Barr, an F.D.I.C. spokesman, said in an e-mail message.

The emergence of online auctions represents a major evolution for the loan sale market, which began in the aftermath of the savings and loan crisis in the early 1990s.

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The first online auctions for loans emerged early this decade.

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Two new auction Web sites, www.LoanMarket.net and www.BigBidder.com, opened earlier this year, selling troubled residential mortgages on a piecemeal basis.

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“The discounts can be massive and the profits are great,” Mr. Engle says in a video promoting the course.